$1B/year Finnish MAHA wearable
Jan-Erik Asplund
TL;DR: Oura is doubling down on women—70% of users are now female—while the Trump administration's embrace of wearables positions them to be a core beneficiary of the MAHA agenda. Sacra estimates Oura hit $1B in revenue in 2025, up 100% YoY from $500M in 2024. For more, check out our full report and dataset on Oura.
We first covered Oura at $225M in revenue in 2023 as it launched its $6/month subscription on top of its hardware business in competition with Whoop and Apple Watch.
Then we followed up at $500M as it re-accelerated to 120% YoY growth, went omnichannel into Target and Amazon, and moved into metabolic health via a $75M strategic investment from Dexcom.
Key points from our March 2026 update via Sacra AI:
- Sacra estimates Oura became the first health wearables startup to cross $1B in revenue in 2025, growing 100% YoY from ~$500M in 2024, with its $900M Series E in October 2025 (Fidelity) valuing the company at $11B for an 11x revenue multiple as the company projects $1.5B in revenue for 2026. Compare to fitness wearable pioneer Garmin (NYSE: GRMN) at $7.25B total revenue in 2025, up 15% YoY, with ~$4.4B from wearables for 60% of total revenue for a ~6.6x multiple on its ~$48B market cap, and Apple Watch (NASDAQ: AAPL) at an estimated ~$17B in revenue for 2025, up ~5% year-over-year.
- With ~70% of Oura members now female, and early 20’s women its fastest-growing customer segment, Oura is doubling down on being the wearable for women, integrating its data into 3rd-party apps like Mira ($28M raised, Greylock) for hormone testing and Carrot Fertility ($115M raised, CRV) for fertility & launching an in-app chatbot built on a proprietary LLM trained specifically on clinical women’s health data (February 2026). As consumer health companies like Function Health ($100M annualized revenue) build out $499/year blood panel subscriptions with bundled MRIs around the rising trend of longevity, Oura is converging from the wearable side with Health Panels (October 2025) which offers 50+ biomarkers via Quest Diagnostics for $99/panel, fusing continuous ring biometrics with clinical bloodwork and hormone data toward a single unified health record spanning sensors, labs, and hormones.
- With (1) HHS Secretary Kennedy declaring a goal for every American to have a wearable by 2030, (2) Oura now relocating its HQ to the U.S and investing in Texas-based manufacturing, & (3) the FDA revising its medical device rules (as of January 2026) to allow wearables to measure blood pressure & blood sugar, Oura—which already counts DoD as its largest customer—is positioned to be a prime beneficiary of the Trump MAHA agenda. Expanding beyond its core consumer & enterprise channels, Oura’s B2B2C motion now drives ~23% of new ring sales via partnerships with Medicare Advantage insurer Essence Healthcare & employer health platforms Maven Clinic (fertility), Midi (menopause), and Progyny (fertility), which bundle Oura rings into their programs.
For more, check out this other research from our platform:
- Oura (dataset)
- Oura at $500M/year growing 120% YoY
- Oura at $225M
- Andy Hoang, CEO of Aviron, on the unit economics of connected fitness
- Strava: the $265M/year Whole Foods of social networks
- Aviron and the Xbox of connected fitness
- Apple vs. Limitless vs. Gong
- Freed at $13M ARR
- OpenEvidence (dataset)
- Brendan Keeler, interoperability lead at HTD Health, on GTM for AI medical scribes
- Strava (dataset)
- RunSignup (dataset)
- Function Health (dataset)
- Maven Clinic at $268M ARR
- BillionToOne at $153M/yr
- Commure at $105M ARR
- Virta Health at $175M revenue
- Noom at $1B ARR
- Hone Health: the $55M/year D2C testosterone startup
- Sweden’s $215M/year telehealth giant
- Johannes Schildt & Claes Ruth, CEO and CFO of Kry, on the AI future of telehealth
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